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Bullish (BLSH)

NYSE: BLSH · Finance Services · filing with the SEC since 2021
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Grade6.6
◀ Past 7.9● Present 6.4▶ Future 4.9
2 est.
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The grade of Bullish

Nine metrics read from its own filings, by tense
Headline grade
6.6/10
◀ Past7.940% of the headline
● Present6.435% of the headline
▶ Future4.925% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

7.9/1040% of the headline grade · 3 of 3 filed

Surviving crises

as filed
8.4/10

Has it survived what it has been through?

No warning events in its filings since 2021.

weight 45% of this tense · 84th percentile among 130 sector filers · read for itself

From the record

Bullish's filings since 2021 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
6.3/10

What has it actually done, year after year?

+44.9% a year over 3 filed years; profitable in 2 of 3.

weight 22% of this tense · 63rd percentile among 104 sector filers · read for its customers

From the record

Bullish's 3 filed years say what it did: revenue went from $116 billion in fiscal 2023 to $245 billion in fiscal 2025, up 44.9% a year; it rose in 1 of 2 years; the deepest fall was 2% from fiscal 2024 to fiscal 2025; net income was positive in 2 of 3 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span44.9%top 31% of its family
  • the share of years revenue rosebottom 36% of its family
  • the share of filed years with a profittop 24% of its family
  • the deepest fall from a revenue peak2.2%top 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed
8.3/10

How has it treated the people who own it?

Share count grew 2.2% a year. 90% of cash flow returned. Insiders: 13 sales, 0 purchases.

weight 33% of this tense · 83rd percentile among 53 sector filers · read for its shareholders

From the record

Over the 2 fiscal years to 2025-12-31, Bullish's diluted share count grew about 2.2% a year, and dividends and buybacks returned about 90% of its net income over 3 years (its filed statements). Its officers and directors filed 13 sales (11 under scheduled 10b5-1 plans) and 0 purchases of their own stock on the open market in the year to 2026-10-22 (their Form 4 filings).

What it rests on

  • the share count over the yearstop 29% of its family
  • cash returned against operating cash flowtop 6% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

6.4/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed
5.5/10

Is it financially healthy right now?

ROE -24%: lost 24¢ per shareholder dollar. Leverage 17%: owes 17¢ per asset dollar.

weight 45% of this tense · 55th percentile among 117 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Bullish lost about 24 cents for every dollar of shareholders' money, and gross profitability: its products earned about 2 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 17 cents per dollar of assets, and net share issuance: its share count grew 10.7% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 22% of its family
  • return on equitybottom 44% of its family
  • gross profit against assetsbottom 37% of its family
  • the share count against the year beforetop 38% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
8.1/10

How strong is its position in its industry?

top 19% of 114 in its family; net margin -0.3%.

weight 33% of this tense · 81st percentile among 114 sector filers · read for its customers

From the record

Bullish's standing among 114 graded names in its industry family: revenue of $245 billion in fiscal 2025 ranks in the top 1% by size; a net margin of -0.3% ranks in the top 31%; revenue growth of 44.9% a year over the last 2 filed years ranks in the top 26% (its annual reports).

What it rests on

  • revenue against the family$244.8Btop 1% of its family
  • net margin-0.3%top 31% of its family
  • three-year revenue growth44.9%top 26% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate
5.5/10

What are the people in charge doing?

SI estimate 5.5/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 74 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 74 members with one.
What the record cannot read
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned
family median, 74 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Bullish's leadership is put at 5.5 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 74 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.9/1025% of the headline grade · 2 of 3 filed, 1 estimated

Room to expand

as filed
3.9/10

How much room does it have to grow?

bottom 39% of 108 in its family for room to expand.

weight 33% of this tense · 39th percentile among 108 sector filers · read for itself

From the record

Bullish's room to grow, from the newest filed statements (fiscal 2025): cash of $88 million against no long-term debt tagged leaves 2.2% of its assets as net cash, bottom 33% of its family; cash from operations less capital spending is 0% of revenue (top 30%); a gross margin of 0% (bottom 13%) (its annual report).

What it rests on

  • cash less debt against assets2.2%bottom 33% of its family
  • cash from operations less capital spending against revenue0.0%top 30% of its family
  • gross margin0.0%bottom 13% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
6.0/10

What could actually drive growth from here?

top 40% of 100 in its family for growth drivers.

weight 33% of this tense · 60th percentile among 100 sector filers · read for its customers

From the record

Bullish's growth drivers, from the filed years to fiscal 2025: revenue grew 44.9% a year over the last three filed years against 44.9% over all 3, speeding up (top 42% of its family); the newest year grew -2.2% (bottom 32%); capital spending grew 220.4% a year (top 10%) (its annual reports). Bullish tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span+0.0 points a yeartop 42% of its family
  • the newest year's revenue growth-2.2%bottom 32% of its family
  • three-year growth of capital spending220.4%top 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

SI estimate
4.8/10

Did its newest year beat what its own record pointed to?

SI estimate 4.8/10, confidence 20 of 100 (family median).

weight 33% of this tense · 50th percentile among 78 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 78 members with one.
What the record cannot read
The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change.
How it was reasoned
family median, 78 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Bullish's expectations vs reality is put at 4.8 of 10 with a confidence of 20 of 100, because the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 78 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton BLSH · research, not advice